Private investment highlighted at annual advisory session

Private investment is among the hot topics to be discussed by Chinese political advisors as they meet in Beijing for the top advisory body's annual session, which opens Friday afternoon.

Lu Jianzhong, member of the Chinese People's Political Consultative Conference (CPPCC) National Committee, said he hopes the government can launch more administrative, financial and systemic reforms in order to promote private investment.

CPPCC members are elected from all walks of life to put forward proposals on major political and social issues for the government and legislative and judicial organs.

"For the first time, China released late last year a guideline on better protecting property rights to shore up social confidence and promote social justice, which is quite encouraging for private investors," said Lu, also chairman of Xi'an-based Tang West Market Group.

"I hope detailed measures in this respect can be issued as early as possible since property rights protection will help boost entrepreneurship and innovation," he said.

In a proposal submitted to the CPPCC National Committee before the annual session, the central committee of the China National Democratic Construction Association advised the government to take concrete steps in guiding more private capital to the real economy and enabling a bigger role for private investment in areas including non-essential services, which are still heavily regulated.

The CPPCC is an important organ for multi-party cooperation and political consultation under the leadership of the Communist Party of China. It is an important means of promoting socialist democracy in China.